It's that time of year, the time when an increasing number of "for sale" signs appear in yards. Have you ever wondered why some homes sell quickly, while others sit for months? Why do the homes that sell quickly typically sell for close to the asking price, while the ones that sit for months undergo price reductions? There are 3 main factors that influence the ability of a house to sell quickly and for the most money. These factors are what a buyer considers when deciding which property to buy.
The first factor that influences the ability of a house to sell is the location. Home buyers usually have a specific area in mind where they would like to live. The location may be based on school district, proximity to work or proximity to family and friends, and availability of nearby shopping and conveniences. In rural areas, access tomajor roads during snowy weather may be a consideration. In urban areas, availability of public transportation may be a factor. Some homes buyers may desire to live in a particular nieghborhood, while other buyers may prefer a rural setting with some land and privacy. Regardless of the reason, location is a factor for all home buyers.
The second factor that influences the ability of a home to sell is the condition of the home and property. For a home buyer who is looking for a "fixer upper", the condition is not as much of an issue. However, the majority of homebuyers do not have the time, money or desire to renovate or update. Outdated homes can take longer to sell than updated homes. Walls that need painting or wallpaper removed can be a deterrent. Applicances that are old, dented, scratched and in need of replacement aren't as desired as newer, updated appliances that are expected to have a long life. A house with a roof near it's life expectancy may be harder to sell than a similar home with a newer roof. Home buyers typically preview multiple homes for sale before making a decision, and the condition of each property is compared in the final decision-making process.
The third factor that influcences the ability of a house to sell is the price. Lucklly, the price is one thing that can easily be adjusted to get a home sold. The right price is not based on tax assessments or automated values that can be found online. Those values are based on mathematical formulas that are computer-generated. Those values do not take into consideration upgrades, updates, or other conditions of a property. The right price is determined by data for that particular neighborhood. Comparables (or "comps" as they are known). are researched to determine the most likely price a home will sell for in any given location. Other local market data should also be considered when pricing a home. A home that is accurately priced from the beginning has a a greater chance of selling quicker than a home that is over-priced and must undergo price reductions. Coincidentally, over-priced homes often end up selling for less than they would have if they had been accurately priced from the start.
When a buyer is looking at homes, trying to decide which one to buy, they consider the location, condition and price in their decision-making. They compare one property against the next. Buyers eliminate certain properties and narrow down their choices. Ultimately, the location, condition and price are the three main factors upon which the final decision is made. Homes in the right location, in the right condition, and listed at the right price are the ones that typically sell fastest and for the most money. The rest will sit in hopes a buyer will come along who is a good fit for the property. As time goes by, if no buyers come along, will undergo price reductions until they are priced to sell.
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